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Daily analysis of EUR/JPY for April 23, 2018

EUR/JPY

The EUR/JPY pair is bullish in the near term, but the bullishness in the market is very weak. Price did almost nothing last week, save some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would most probably favor bears.

Thus, the demand zones at 132.00, 131.50 and 131.00 could be reached, which may effectively challenge the recent bullishness in the market. It is expected that further southward movement would play itself out this week, because the outlook on JPY pairs is somewhat bearish for the week.